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Crude Oil Inventories Down 0.1%; Gasoline Supplies Up 0.7%

Oil refinery inputs stayed steady as imports tapered off.

U.S. crude oil supplies dropped 0.2 million barrels (0.1%) for the week ending Sept. 6, according to an Energy Information Administration report (link opens a PDF) released today.

After dropping off 1.8 million barrels the previous week, crude oil inventories continue their steady downward draw. While refinery inputs remained similar to last week's numbers, imports fell by 238,000 barrels per day (bbpd). The crude supply of 360 million barrels is .0.3% above year-ago levels.

Source: eia.gov

Gasoline inventories reversed the previous week's 1.8 million-barrel drop with a 1.7 million-barrel (0.7%) increase, putting the supply at 217.6 million barrels, 10.1% more than year-ago levels. Comparing the past four weeks to the same period in 2012, demand for motor gasoline is virtually unchanged. However, the average retail gasoline price for the most recent week still clocked in $0.26 per gallon below the 2012 pump price.

Source: eia.gov.

Distillates supplies, which include diesel and heating oil, increased 2.6 million barrels (2%) for a second straight week of inventory growth. Unlike gasoline, distillates demand for the last four weeks is up a seasonally adjusted 8.6% over the year-ago period, and supplies remain "near the lower limit of the average range," according to the EIA.